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Permanent Extension of Tax Credits for Low-Income Community Investments.

This law permanently extends the New Markets Tax Credit, which encourages private investment in economically distressed areas. This provides stable, long-term incentives for businesses to fund projects, create jobs, and develop services in low-income communities. The credit amount will also be adjusted for inflation and can now be used to offset the Alternative Minimum Tax (AMT).
Key points
The tax credit for investing in low-income communities is made permanent, removing the need for periodic renewal.
The value of the credit will be automatically adjusted for inflation, maintaining its real economic benefit.
Investors can now use this credit to reduce their Alternative Minimum Tax (AMT) liability, making these investments more appealing.
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Expired
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Additional Information
Print number: 118_S_234
Sponsor: Sen. Cardin, Benjamin L. [D-MD]
Process start date: 2023-02-02
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Summarized by: gemini-2.5-flash-preview-09-2025
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

New Markets Tax Credit Extension Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_234.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-02-02.

What are the main provisions?

Key points include:

  • The tax credit for investing in low-income communities is made permanent, removing the need for periodic renewal.
  • The value of the credit will be automatically adjusted for inflation, maintaining its real economic benefit.
  • Investors can now use this credit to reduce their Alternative Minimum Tax (AMT) liability, making these investments more appealing.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Cardin, Benjamin L. [D-MD].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-26.

CATEGORIES

Taxes Economy